This Pre-Solicitation opportunity from COMMODITY FUTURES TRADING COMMISSION was posted on July 2, 2025. The submission period has ended. Browse the details below for market research, or find similar active opportunities.
Notice of Intent to Sole Source - Nasdaq Market Surveillance Solution
Contract Overview
Solicitation details, issuing organization, response deadlines, documents, and interested companies for this government contract opportunity.
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The Commodity Futures Trading Commission (CFTC) plans to award a sole source contract to Nasdaq for its Market Surveillance (NMS) solution, covering a base year with four additional one-year option periods. The contract will enable the CFTC to enhance its capability in conducting comprehensive trade surveillance and market monitoring on market data within its established regulatory oversight framework. This procurement will be made under the authority that allows for sole source contracts when only one responsible source can meet the agency’s requirements, as outlined in FAR part 6. The Nasdaq Market Surveillance system is required to help the CFTC fulfill its mandates under the Commodity Exchange Act and CFTC regulations to detect, analyze, and enforce rules against manipulative and abusive trading practices such as spoofing, layering, wash trading, and other forms of market abuse in derivatives markets. The NMS system will handle high volumes of trade data across multiple venues, providing timely detection of potential infractions and supporting regulatory compliance across asset classes including futures, options on futures, and swaps. NMS’s proven integration with over 20 global exchanges and 17 regulatory bodies, along with its technical ability to ingest diverse native market data, were cited as key reasons for this exclusive arrangement. The notice is not a solicitation for competitive proposals but allows for written responses for potential future market research purposes, with a final determination on competition at the sole discretion of the government. The anticipated award is set for fiscal year 2025.
General Info
Agency
Place of Performance
Washington, DC, USASet-Aside
Timeline
Submission Closed
Organization & Contact Information
Full Description
The Commodity Futures Trading Commission (“CFTC”) intends to negotiate and award a sole source contract for a base year and four 1-year option periods to Nasdaq to acquire the Nasdaq Market Surveillance (NMS) solution to conduct comprehensive trade surveillance and market monitoring on the market data received and processed under the CFTC’s existing reporting obligations and regulatory oversight framework. The Government intends to procure this requirement pursuant to the “Only One Responsible Source and No Other Supplies or Services Will Satisfy Agency Requirements” exception in FAR part 6.
Under the Commodity Exchange Act (CEA) and CFTC Regulations, the CFTC is authorized to detect, analyze, and enforce potentially manipulative and abusive trading practices, including spoofing, layering, wash trading, marking or banging the close, and front-running. To effectively facilitate the oversight requirements in the CEA and CFTC Regulations, CFTC requires a market surveillance system capable of handling high-volume, multi-venue trading data with T+1 detection of potential manipulation and/or other abusive trade practices in CFTC regulated derivatives markets. This requires a system that meets the highest standards of reliability, precision, and regulatory alignment.
The NMS is needed to conduct comprehensive trade surveillance and market monitoring on the market data received and processed under the CFTC’s existing reporting obligations and regulatory oversight framework. NMS will be applied to both real-time and post-trade market data streams, specifically covering products and activity governed by the CFTC under its jurisdiction over designated contract markets (DCMs) and swap execution facilities (SEFs), and related intermediaries. NMS is currently in production with over 20+ global exchanges, 17+ regulatory bodies, and 140+ market participants. NMS is designed to ingest native market data across CFTC asset classes and venues and supports CFTC products, including futures, options on futures, and swaps. CFTC knows of no other vendor that offers a commercially available bespoke system with the same breadth of integration and track record supporting regulatory bodies.
THIS NOTICE IS NOT A REQUEST FOR COMPETITIVE PROPOSALS nor a solicitation of offers. However, the Government will consider written responses from all responsible sources received by 12:00 p.m. (Eastern) on July 10, 2025. Written responses must include sufficient information to establish capability to fulfill the requirement. Oral communications are not acceptable in response to this notice. A determination by the government not to compete this proposed requirement is solely within the discretion of the Government. Information received will be considered solely for the purpose of future market research requirements. No formal solicitation package is available. The Government anticipates award in FY2025. The Government will not be responsible for any costs of preparation of responses to this announcement.
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